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Metropolis Limited Q4FY21 Conference Call Transcripts

Metropolis Limited Q4FY21 Conference Call Transcripts

Published on 17 June 2021

FY21 Performance:

  • Metropolis Healthcare won the Leading Diagnostic chain of the year award at the Elets Diagnostics Leadership Summit, 2021
  • Revenue increased by 17% year-on-year and is at Rs 998 crores for FY’21 as compared to Rs 856 crore in FY’20
  • EBITDA (before CSR and ESOP) grew by 29% year-on-year and stood at Rs 301.1 crores as compared to Rs 233.4 crores in FY’20
  • EBITDA margin expanded by 290 bps year-on-year to 30.2%
  • PAT for FY21 increased by 44% YoY and stood at Rs 183.83 crores as compared to Rs 127.6 crores in FY’20, PAT Margin expanded by 350 bps YoY and is 18.4%
  • Home Visits Revenue as a % of Total B2C business increased from 17% in FY20 to 32% in FY21
  • Non-Covid Home Visits Revenue as a % of Non-Covid B2C business

increased from 17% in FY20 to 24% in FY21

  • Revenue contribution from specialty care from non-covid test increased to 42% in FY’21 from 37% in FY’20
  • Share of B2C Business in Focus cities (Non-Covid) at 58% in FY’21 from 56% in FY’20
  • The Narco contract has been extended with the prestigious PPP contract and thus enforces the confidence in the company’s scientific and on ground execution capabilities.
  • Company’s efforts during covid period have strengthened the Metropolis brand in north eastern India, for instance, north India now contributes to 10% of sales in FY’21
  • As of Mar’21, company have 125 labs and network of 2,565 service centers
  • Reported patients visits of 9.8 million for the full year as compared to 10 million in FY’20
  • Debtors’ days has improved from 65 days in Mar’20 to 41 days in Mar’21, an improvement of almost 25%
  • Overall working capital has improved from 11 days in Mar’20 to 4 days in Mar’21
  • Strong liquidity position with cash and cash equivalents of Rs 428 crores as on Mar’21

 

Q4FY21 Performance:

  • Revenue increased by 42% year-on-year and is at Rs 292 crores for FY’21 as compared to Rs 206 crore in Q4FY’20
  • EBITDA (before CSR and ESOP) doubled on year-on-year basis and stood at Rs 103.5 crores in Q4FY’21 as compared to Rs 51.7 crores in Q4FY’20,
  • PAT stood at Rs 61.3 crores as compared to Rs 15.5 crores in Q4FY’20, an increase of 296% year-on-year (last year Q4 has an exceptional item, so it is not comparable)
  • Reported patients visits of 3.2 million, a growth of 29% year-on-year basis
  • Non-covid business contributed 86% of the revenue while covid business contributed the rest 14% of the revenue during Q4.
  • Non-covid revenue stood at Rs 251 crores in Q4FY’21, up by 20% year-on-year

 

Research & Development and Products:

 

  • The expected Capex investment would be approximately 30 to 35 crores over a three -year period for the proposed expansion plan.

 

FY22 Outlook:

  • Well growing B2C Mix, the primary strategy of the company is to increase the Retail share in focus cities to 65%
  • Wellness segment revenue contribution is 6% in FY’21, this market is expected to grow at a CAGR of 20% over the next 3 financial years
  • Leverage vast capabilities in Molecular Diagnostics, oncology, cytogenic where there is less competition and higher margins
  • Selectively participate in PPP tenders in India by leveraging experience with the execution of the NACO order, large opportunities exist in African market on PPP basis.
  • Targeting wealthy individuals having sedentary lifestyles, prone to diseases such as cardiovascular and diabetes ailments, precision medicine, focus on preventive care, walk-in/direct-to-customer services to drive growth
  •  Strengthen Metropolis brand to ‘Be the only choice of Patients’
  • Focus is to become an end-to-end digital service provider not only for customers, but for all stakeholder including doctors, vendors and healthcare partners
  • Add 90 Labs and 1,800 service centers over next 3 years and strengthen leadership position in existing geographies and build Metropolis brand in new geographies
  • Expansion of Home visit coverage to 100 locations in 1 year and cover 200 locations within 2 years
  • Metropolis will acquire 100% equity of Hitech Diagnostic Centre Pvt. Ltd. in a combination of cash and stock deal.
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